March 12, 2020 / 8:41 AM / 22 days ago

Kazakh state oil firm's 2019 profit jumps to $3 bln

ALMATY, March 12 (Reuters) - KazMunayGaz posted a 67% jump in 2019 net profit on Thursday as the Kazakh state oil and gas company benefited from higher gas exports to China, lower financing costs and higher financial income.

The listed company, which is fully state owned and has zero free float, reported a profit of 1.158 trillion tenge, or $3.0 billion, at the average exchange rate for the year.

EBITDA jumped 15% on revenue down 1.9% on lower crude prices and flat output, KazMunayGaz said in a statement.

The government said this week it would seek higher dividend payments from state-owned companies to offset an expected drop in budget revenue from a plunge in the price of oil, Kazakhstan’s main export. (Reporting by Olzhas Auyezov; editing by Jason Neely)

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